Preeti Kapoor

                                  Vishal Nirmiti vs Nityas Gems — Which IPO looks better? Vishal Nirmiti vs Nityas Gems — Which IPO looks better to me? I looked at both RHPs, but for me the comparison is quite simple. Vishal Nirmiti • Railway sleepers, MS pipes & infrastructure • FY26 Revenue: ₹339 Cr | PAT: ₹25 Cr • EBITDA Margin: 15.1% • IPO valuation: ~17.4x FY26 earnings at ₹220 • Main concern: high customer concentration and debt Nityas Gems • Jewellery + lab-grown diamonds • FY26 Revenue: ~₹203 Cr | PAT: ₹22 Cr • EBITDA Margin: 15.27% • IPO valuation: ~19.4x FY26 earnings at ₹75 • Main concern: working capital and customer/geographic concentration My View: Nityas has the stronger growth story , but Vishal Nirmiti looks more reasonable on valuation . But I would not ignore the risks—especially customer concentration and debt. This is my personal analysis,...

 Nityas Gems & Jewellery IPO — My View Nityas Gems is into gold jewellery with lab-grown diamonds, with both B2B and D2C business. What I like  • Revenue grew from ₹54 Cr to ₹203 Cr • PAT increased from ₹4 Cr to ₹22 Cr • Margins have improved • Integrated manufacturing + jewellery business • Lab-grown diamonds could be a good long-term opportunity • IPO money is mainly for working capital, not OFS But the risks matter  1. Cash Flow: FY26 profit was ~₹22 Cr, but operating cash flow was negative ₹14.7 Cr. 2. Working Capital: Money is getting stuck in inventory and receivables. Working-capital days have increased significantly. 3. Supplier Concentration: Top 10 suppliers contribute around 86% of purchases. 4. Lab-Grown Diamond Risk: Prices can fall quickly, which can impact inventory value and margins. 5. Governance/Controls: RHP mentions an internal theft/misappropriation incident at a subsidiary. No promoter involvement is indicated, but internal controls need to be wa...

  Vishal Nirmiti IPO – I went through the DRHP. Here’s what caught my attention. Vishal Nirmiti is into railway sleepers, MS pipes, precast prod ucts and infrastructure-related businesses. Financials: Revenue grew from around ₹325 Cr to ₹344 Cr , while PAT increased from ₹23.6 Cr to ₹25 Cr . The interesting part is the improvement in profitability, but I would still watch whether this growth continues. IPO price band: ₹208–₹220 At ₹220, the valuation works out to roughly 17–18x earnings based on FY26 numbers. So, on P/E alone, it doesn't look stretched. But valuation always needs to be seen along with future growth and earnings quality. Where is the IPO money going? The fresh issue is mainly for working capital, repayment/pre-payment of loans and general corporate purposes. Promoters & business: The company is promoted by the Tapadiya family and has an established operating history. Its exposure to railway and infrastructure spending gives it a potential gro...

  SRIT India IPO — QuickView I went through the RHP, and honestly, this is not a “story-only” IPO. SRIT has been in the IT business since 1999 , working across e-governance, telecom & healthcare, with government/public-sector clients and a 26-year operating track record. Financials look decent: Revenue grew from ₹271 Cr → ₹450 Cr and PAT from ₹29 Cr → ₹43 Cr between FY24–FY26. At the ₹123–130 price band , FY26 EPS of ₹9.47 implies roughly 13.0–13.7x P/E . The disclosed peer average is 18.3x, so the headline valuation doesn't look stretched. Promoters: RHP does not disclose criminal proceedings, SEBI penalties, regulatory actions or material civil proceedings against the promoters. That’s a positive from a governance-screening perspective. But here’s what I don't want to ignore: FY26 operating cash flow was negative ₹12 Cr despite ₹43 Cr PAT . The company also has a sizeable working-capital requirement, which is why ₹124 Cr of IPO proceeds is earmarked for wor...

  Glass Wall Systems IPO — My Quick Take Went through the RHP of Glass Wall Systems .At first glance, the numbers look impressive: Revenue: ₹304 Cr → ₹457 Cr (FY24–FY26) PAT: ₹20 Cr → ₹84 Cr EBITDA Margin: ~23% ROCE: ~43% Debt/Equity: ~0.03x Fresh issue: ₹60 Cr, with ~₹50 Cr for a new Glass Processing Unit. But a few things make me cautious • Top 10 customers = ~86% of revenue • 45% revenue comes from international business • Receivables ~₹109 Cr • RHP highlights related-party & historical accounting/control issues . Valuation = Fair to Slightly Expensive At ₹182, valuation is ~18x FY26 earnings My view: Good business + strong financials, but risks need to be watched. Not an investment recommendation. Do your own research.

  Indo-MIM IPO: A Strong Manufacturing Bet or an Expensive Opportunity? The Indo-MIM IPO has caught investors' attention for all the right reasons. As one of the world's leading Metal Injection Moulding (MIM) manufacturers, the company supplies precision components to industries like defence, aerospace, medical devices, automotive, and industrial engineering . Its strong export business and consistent financial growth make it a company worth watching. IPO Snapshot Particulars Details Issue Size ₹3,811.21 Crore Price Band ₹461–₹485 per share Lot Size 30 Shares IPO Opens 23 July 2026 IPO Closes 27 July 2026 Listing NSE & BSE Why Investors Like Indo-MIM Global leader in Metal Injection Moulding (MIM). Around 77% of revenue comes from exports , giving it a strong international presence. Serves high-growth sectors like defence, aerospace, healthcare, and EVs. Healthy revenue and profit growth over the last few years. Things to Keep in Mind A major part of the IPO is an Offer f...